Sri Lanka says it has reached an agreement with the Exim Bank of China on key terms and principles for restructuring its debt, a key step toward unlocking a second instalment of a $2.9 billion package from International Monetary Fund aimed at rescuing the island nation from a dire economic crisis.
The finance ministry said in a statement issued Wednesday that the agreement covers $4.2 billion in outstanding debt and is an important step toward Sri Lanka's economic recovery.
